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21 Pleasant Lane Willow Spring(s), NC 27592

3 Beds 3 Baths 1,954 sqft Built 2007

$271,000

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $138.69
  • 3 Days on Market
  • MLS # : 2361960
  • Updated Date : 01/16/2021 at 02:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,954 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ak Premier Real Estate Service

Listing Agent's Description

This hard to find beauty sits on over 1 acre in desirable Willow Springs. This newly updated turn-key canvas is open, airy, & bright. Custom detail & carpentry gives extra charm & quality. Incredible storage and closet space with tailored shelving throughout. 1st floor master suite includes vaulted ceiling & generous double vanity bath with soaking tub. Roomy upstairs bonus space. Spacious lot with fenced in yard & natural area perfect for outdoor living with neighborhood pond around the corner.

SEE MORE

MARKET HIGHLIGHTS

  • Raleigh-Durham combined metros' economy is worth over $137 billion in Gross Metro Product and projected to grow to $146 billion in 2019 (USMayors.org, 2018)
  • Raleigh-Durham combined metros has 65.3% labor force participation rate higher than the national rate of 62.8% (USMayors.org, 2018)
  • Raleigh-Durham combined metros contribute to 24.1% of North Carolina's state economy i.e. Gross State Product (USMayors.org, 2018)
  • University of North Carolina, Duke University and Davidson University systems drive rental demand
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Summer Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280kPrice in $132k293k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Summer Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7191683

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Dixon Road Elementary School Primary Regular 551 34 7
Mcgee's Crossroads Middle School Middle Regular 895 49 4
West Johnston High School High Regular 1,359 83 5

Dixon Road Elementary School

  • Education Level: Primary
  • # of students: 551
  • # of teachers: 34
7
GreatSchools Rating

Mcgee's Crossroads Middle School

  • Education Level: Middle
  • # of students: 895
  • # of teachers: 49
4
GreatSchools Rating

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

$243,900$298,100$271,000

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$941
Property Tax -$172
Property Insurance -$65
HOA -$10
Property Management Fees -$119
CASH FLOW
$203

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$271,000

PROJECTED PRICE

$1,510

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.6%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,565

INVESTMENT

$77,565

Down Payment
$67,750
Rehab Estimate
$5,750
Closing Costs
$4,065

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,750
Loan Amount $203,250
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$36,538

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,510

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,524

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,510
$1,510
RENT COMPS ANALYSIS
  • 21 Pleasant Lane Willow Spring(s), NC 2
    • 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.77
    •  
  • 7304 Chimara Court Willow Spring(s), NC 1
    • 3 beds 3 baths ∙ 1,761 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,761 Sqft ∙ Built 2006
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.78
    •  
PROPERTY LISTING DETAILS
Mary Yancey
1.910.639.5913
Ak Premier Real Estate Service
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361960
Last Updated: 01/16/2021
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